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Embracing digital for mortgage differentiation

Evolving the customer interaction model is key for lenders

Overview

To gain insight on how consumers are evolving their market interests, Accenture surveyed over 4,000 consumers in the United States and Canada as part of a multi-year research initiative tracking consumer banking attitudes and behaviors. This report highlights the findings from the 2016 Accenture North America Consumer Digital Banking Survey, and suggests ways that mortgage lenders can improve relationships with current customers, as well as explore opportunities to differentiate themselves in the market.

"Consumers still want to control their customer experience by focusing on value and a tailored approach through the channel that best satisfies their needs."

Recommendations

EVOLVE THE CUSTOMER INTERACTION MODEL

Today’s mortgage lenders need to evolve their approach to consumers by redefining the interaction model. A balance between digital and human interactions is key to capturing the right client and maintaining a profitable relationship. To do so, lenders should focus on these five key actions.

DEVELOP A MARKET-RELEVANT CLIENT PROPENSITY MODEL

Lenders need to determine how to drive the right relationship based offers while also managing their bottom line.

TAKE ADVANTAGE OF DATA

The right combination of data improves retention, marketing effectiveness and conversion rates of leads.

ENABLE THE LOAN OFFICER

Customers demand a digital experience while expecting an option for human interaction.

ADOPT INTELLIGENT AUTOMATION

Lenders need to look for opportunities to integrate automation technology and tools to achieve intelligent decisioning and cognitive learning capabilities.

INTEGRATE DIGITAL SOLUTIONS WITH A TARGET IN MIND

Lenders must balance the desire for speed while designing a target solution that will deliver outcomes that meet future needs.

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